After unconditional surrender by German Reich in 1918, Germany has to pay a extremely large sum for war reparation, 6.6 billion British pounds, which is around 44,500 Tons of Gold due to gold standard.
WW1 has destroyed much of the industry, infrastructure and manpower of Germany and rebuilding them cost a huge sum, and Germany cannot afford extra money to pay war reparation. Money is desperately needed in their society, and money printing started in early 1920s. Hyperinflation kick-in in 1923, in early 1923 the Reichbank ( the central bank of Germany) printing thousand-mark banknote, by the end of the year, they are printing billion-mark banknotes with help from private printing companies as they cannot print enough money. With economy collapsed and used up all foreign exchange reserve as well as Gold, Ruhr industrial area was occupied by Belgian and French forces. Ruhr is crucial to Germany as they produce coal and steel for rebuilding Germany as well as source of revenue.
By early 1924, they are printing trillion mark banknote and Germany desperately need help from foreign countries. United States stepped in and implemented Dawes Plan, which is chaired by Charles Dawes who won Nobel Peace Prize in 1925 due to this.
According to Dawes Plan, Allied forces have to retreat from Ruhr, with war reparation pay in stages slowly and backed by revenue of various German tax. Lastly, they will be loaned few hundred million USD, as shown in the bond below. This plan gives breath room to Post-WWI Germany as well as the chance to rebuild German economy.
The amount Germany has to pay for war reparation is still considerable, and Young Plan in 1929-30 further reduce the sum they need to pay. However ,Great Depression hits in 1929, Global exports fell and economy back to barbarian times. Young Plan also loan a large sum of money to Germany again. However, the global economy remained terrible and Hitler soon take over the government of Germany.
* picture of money is taken from website while the bond is mine*
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